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SEC Punts on BlackRock Ethereum ETF Staking, Franklin XRP and Solana Fund Decisions

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In brief

  • The SEC pushed back its deadline on staking in the BlackRock iShares Ethereum Trust to October 30, a 45-day delay.
  • The regulator also delayed its decision on Franklin Templeton XRP and Solana funds by 60 days to November 14.
  • In recent weeks, the agency has postponed decisions on rule change requests that would permit the listing of various spot altcoin funds and the addition of staking to current Ethereum ETFs.

The U.S. Security and Exchange Commission has delayed its decisions on the addition of staking to BlackRock’s iShares spot Ethereum exchange-traded fund, and on Franklin Templeton proposals for separate funds tracking the performance of Solana and XRP, according to filings the agency submitted Wednesday.

The SEC extended its deadline for addressing a rule change request by the Nasdaq exchange for staking in the iShares Ethereum Trust (ETHA) to October 30, a 45-day postponement from its original schedule.

It also pushed back its decision on 19b-4 rule change filings by Cboe that would allow the listing of the Franklin Templeton Solana ETF and Franklin Templeton XRP ETF to November 14, a 60-day deferral.



The latest filings follow a slew of SEC delays in recent weeks on proposals for altcoin funds. On Tuesday, the regulator put off ruling on Nasdaq’s bid to list the Grayscale Hedera Trust to November 12, also 60 days.

Last month, the SEC also held up resolving a request to add staking to the the 21Shares Core Ethereum ETF, which tracks the price of the second-largest cryptocurrency by market value.

At that time, it also moved back its decision on an application by Donald Trump’s media and technology company by 45 days to Oct. 8 for a Truth Social Bitcoin and Ethereum ETF that would track the two largest cryptocurrencies by market value.

And it announced identical delays for applications filed for spot XRP funds by Grayscale, CoinShares, Canary Capital, Bitwise, and 21Shares, a spot Dogecoin ETF from Grayscale, and a spot Litecoin product from CoinShares. The dates for potential approvals of those funds vary.

Those announcements followed delayed decisions on Solana ETFs from Bitwise, 21Shares, and VanEck, and a Dogecoin fund from 21Shares. Before August ended, the SEC was weighing 90 crypto ETF applications, which spanned a range of assets.

Bloomberg Senior ETF Analyst Eric Balchunas told Decrypt that the latest delays were consistent with the regulator’s recent approach, likely timing approvals of proposed altcoin ETFs and Ethereum staking after likely green-lighting proposals filed in July by Cboe and NYSE.

Those exchanges asked the SEC to approve amendments that could significantly shorten the approval process for future crypto exchange-traded funds, automatically listing certain products without requiring case-by-case filings.

In separate filings, the exchanges requested changes to their listing standards that would allow certain crypto ETFs to be listed without enduring the SEC’s rigorous evaluation, a process that requires exchanges to submit proposed rule changes. Under current guidelines, reviews of proposed changes to funds could take 240 days.

“They’ve been punting and punting […] and we expect them to keep putting everything off until the generic listing standards are done,” Balchunas said. “That is what we think will happen, probably in early October. After that, we expect a flood of ETFs probably in a couple months.”

He added: “We expect ETH staking to be part of it. This SEC showed every sign of being interested in working with the issuers and solving problems.”

Bloomberg analysts have predicted a more than 95% probability of Solana and XRP ETFs receiving approval this year. Balchunas described the odds on staking as “pretty high,” as well.

“We think they’ll allow that, too,” he said.

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Sec Delays Franklin Solana Etf Decision To November 2025
Crypto Trends

SEC Delays Franklin Solana ETF Decision to November 2025

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The U.S. Securities and Exchange Commission has again delayed its decision on the Franklin Solana (SOL) exchange-traded fund, and set a new deadline of November 14, 2025.

This is after earlier delays in April, when the deadline was pushed to June, and then again in mid-June when the agency opened formal proceedings. That move started a 180-day countdown, which was set to expire on September 15, but with the latest change the final decision date has now been pushed further. 

In its release, the regulator said to carefully study the filing and its possible impact on investors. Once the November 14 deadline arrives, the Commission will have no option to delay further and must either approve or reject the ETF.

Meanwhile, Franklin’s proposal is one of several Solana-based ETFs currently being reviewed. Other companies, including Grayscale, VanEck, and 21Shares, have also submitted applications. 

Bloomberg Intelligence reported that many of these firms have updated their filings to improve their chances. Most of the applications are facing similar delays, with several final deadlines set in October. The first big date is October 10, when the SEC must decide on Grayscale’s Solana Trust. Analysts say that ruling could influence how the regulator handles the other pending applications.

Meanwhile, Solana price is up 2% today, and currently trades for $221, according to CoinMarketCap.

Optimism around the ETF filings is seen as one reason for the rally. Bloomberg ETF analyst James Seyffart has said on X that the “odds haven’t really changed much if at all” and maintained his prediction of a 95% chance that a Solana ETF will be approved by the end of 2025.

Also Read: SEC Delays Decision on BlackRock Ethereum ETF Staking



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Solana Hits 7-Month High Price as Bitwise Exec Foresees ‘Epic End-of-Year Run’

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In brief

  • Solana is up 4% on Wednesday and hit a seven-month high price of nearly $225.
  • The asset might be primed for a year-end run, according to Bitwise CIO Matt Hougan.
  • Hougan cited demand from pending spot ETFs and digital asset treasuries as potential catalysts.

Solana is getting hot again—and may be primed for an “epic end-of-year run,” according to Bitwise Chief Investment Officer Matt Hougan. 

The sixth-largest crypto asset by market cap is up more than 4% in the last 24 hours to $223, and earlier Wednesday hit $224.95—a mark it hasn’t held since February 1. Solana has risen 25% over the last 30 days, making it the largest gainer among the top 10 assets by market cap.

“For the last 18 months, the recipe for strong returns in crypto has been clear: Take one part exchange traded products (ETP) inflows, add strong corporate treasury purchases, and voilà—you get big returns,” Hougan wrote in his weekly memo. “Solana has the conditions to follow this path.”

“All the ingredients are there for an epic end-of-year run for Solana,” he added.



At least one part of that equation is already underway for Solana. 

Digital asset treasuries centered on Solana have been snatching up SOL all year, with publicly traded firms like Upexi and DeFi Development Corp. having accumulated more than $400 million worth of the asset apiece since the year began. 

An even bigger treasury may be established soon. On Monday, Forward Industries announced a $1.65 billion private investment in public equity (PIPE) raise, with the proceeds planned to build its Solana treasury, enabling it to create the largest publicly traded SOL treasury on the books if it uses just more than 25% of the proceeds. The firm will be led by early Solana investor and Multicoin Capital co-founder, Kyle Samani. 

Solana ETFs might be just around the corner, too. 

Approval decisions are looming from the SEC regarding previously filed spot ETFs from multiple issuers, including Bitwise, Canary Funds, and 21Shares. While approvals are not guaranteed, analysts previously told Decrypt that Solana, XRP, and Dogecoin ETF approvals are “near locks” in 2025. 

While Hougan said that an approved spot ETF and treasury firm accumulation is not a guarantee of success for SOL, the relative size of the asset when compared to Bitcoin and Ethereum means that inflows will have a bigger impact on the price. 

“Scaled for the size of the blockchain, a relatively small amount of flows into Solana could significantly impact prices,” he said. “For instance, Forward Industries’ $1.6 billion purchase of Solana shares would be the equivalent of $33 billion in Bitcoin purchases.”

Predictors on Myriad Markets are coming around on Solana as well, with odds of a new all-time high in 2025 shifting around 23% in favor in the last 2 weeks. Users now give it a 57% chance by the end of the year. (Disclaimer: Myriad is a product of Decrypt’s parent company, DASTAN.)

SOL currently sits around 24% off its January all-time high of $293.31, per CoinGecko.

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3Iq’s Solana And Xrp Etfs Mark New Records In Canada
Crypto Trends

3iQ’s Solana And XRP ETFs Mark New Records In Canada

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Investment firm 3iQ’s Solana Staking ETF (SOLQ) and XRP ETF (XRPQ) have set new records for assets under management (AUM), making them the largest ETFs in Canada.

According to the official announcement, the SOLQ ETF now has more than CAD 300 million in AUM, and the XRPQ ETF now has more than CAD 150 million, making them the largest in Canada under their categories. 

Solana Staking ETF (SOLQ) made news earlier this year when it raised an impressive C$90 million in just two days. It quickly became Canada’s largest Solana ETF in terms of AUM. After that, 3iQ started its XRP ETF, which was also a first. In only three days of trading, XRPQ had more than C$32 million in AUM, making it the largest XRP-focused ETF in Canada.

Pascal St-Jean, President and CEO of 3iQ, said that the success of SOLQ and XRPQ at the same time shows that more investors want regulated, easy-to-use crypto investment vehicles.

“The momentum behind SOLQ and XRPQ demonstrates that Canadian investors and global leaders in the digital asset space are embracing secure, transparent, and regulated access to digital assets,” he said.

3iQ Solana Staking ETF (TSX: SOLQ, SOLQ.U) and 3iQ XRP ETF (TSX: XRPQ, XRPQ.U) record largest AUMs in their respective categories!

We’re excited to share that investor demand sees $SOLQ surpass CAD 300 million and $XRPQ exceed CAD 150 million in AUM. Launched earlier this year,… pic.twitter.com/ABSPdnfqBZ

— 3iQ Digital Asset Management (@3iq_corp) September 9, 2025

XRPQ had a 0% management fee for the first six months, which made it one of the cheapest digital asset ETFs on the market. Ripple, one of the biggest enterprise blockchain companies, backed the fund early on, which also helped its credibility.

Canada is now at the forefront of crypto-linked ETF innovation thanks to these quick milestones. This makes it easy for investors to get into altcoins like Solana and XRP.

Also Read: Fidelity Launches FDIT, Backed by Ondo Finance’s OUSG Fund





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Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 10)
GameFi Guides

First Solana Treasury Is Live on Nasdaq, BitMine Buys $45M Ethereum, and More…

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Stay Ahead with Our Timely Insights of Today’s Next Crypto to Explode

Check out our Live Next Crypto to Explode Updates for September 10, 2025!

Crypto is so unthinkably huge at the moment, a nearly $4 trillion industry that’s aiming for world domination.

Recent headlines talk of Circle and Mastercard planning to add USDC to global payment systems, Ethereum and Bitcoin treasuries in the billions of dollars, and Google building its own blockchain.

Bitcoin has an all-time growth of over 180,000,000%, Dogecoin over 43,000%, and some of the newest presale coins often pump 10x, 100x, or even 1,000x on rare occasions.

Explosive potential is probably the single best description for what we’re seeing today in crypto.

Quick Picks for Coins with Explosive Potential

If you’re looking for the most recent insights on the next crypto to explode, stay tuned. We update this page frequently throughout the day, as we get the latest and greatest insider insights for chart sniffers and traders looking for the next coin to explode.

Disclaimer: Crypto is a high-risk investment, and you may lose your capital. Our content is informational only, and it does not constitute financial advice. We may earn affiliate commissions at no extra cost to you.

SOL Strategies Lands on Nasdaq – Is Solana Meme Coin $SNORT the Next Crypto to Explode?

September 10, 2025 • 10:00 UTC

SOL Strategies made its debut on Nasdaq on Tuesday, catalyzing the Solana rally that has already touched $220.

But it’s not just $SOL benefiting from the news. Solana meme coins like $BONK, $PENGU, and $WIF surged as the crypto community welcomed the news.

If early-stage investment traffic is any sign, Snorter Token ($SNORT) is expected to follow suit in the coming weeks, as $SOL aims for another all-time high.

With multiple factors aligning, including Forward Industries’ $1.65B successful PIPE for Solana DeFi and Galaxy Digital’s move to tokenize SEC-registered shares on Solana, the recent rally is likely just the beginning.

That strengthens $SNORT’s price prediction, which has already raised $4M in its viral presale. Beyond the aardvark theme, its upcoming Telegram crypto trading bot has captivated early backers.

To learn more about Snorter Token and why it could be the next crypto to explode, read on.

BitMine Buys $45M-Worth of Ethereum to Feed Its $9B Treasury and Fuel Maxi Doge’s Frenzied Presale

September 10, 2025 • 10:00 UTC

BitMine bought a stack of 10,320 $ETH, valued at over $44M to expand its Ethereum treasury to over 2.079M tokens for a total value of $8.94B.

BitMine is currently the largest Ethereum holder in the world, owning over 1.7% of the total $ETH supply, according to data from CoinGecko.

This latest purchase reinforces BitMine’s plan to follow Strategy’s crypto hoarding strategy, which can fire up projects like Maxi Doge ($MAXI).

Maxi Doge’s presale is already at almost $2M, drawing in degen traders who have goals like: never sleep, retire at 22, and keep restocking the Red Bull reserve.

If you want to invest, read our price prediction for $MAXI here.

Authored by Bogdan Patru, Bitcoinist — https://bitcoinist.com/next-crypto-to-explode-live-news-september-10-2025/

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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QMMM Stock Skyrockets Nearly 1,750% on Bitcoin, Ethereum, Solana Treasury Plan

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In brief

  • Shares in digital advertising firm QMMM Holdings jumped nearly 1,750% after announcing a digital assets treasury plan.
  • The firm anticipates starting with $100 million fund focused on Bitcoin, Ethereum, and Solana.
  • It will also seek out investments with Web3 infrastructure projects and “high-quality cryptocurrency assets.”

Shares in digital advertising firm QMMM Holdings (QMMM) skyrocketed more than 2,300% at one point on Tuesday after the firm announced that it would create a $100 million digital assets treasury starting with Bitcoin, Ethereum, and Solana. 

QMMM, which trades on the Nasdaq, closed the day changing hands at $207—a 1,736% increase since the day’s opening bell. 

“The global adoption of digital assets and blockchain technology is accelerating at an unprecedented pace,” said company CEO Bun Kwai in a statement. 

“QMMM’s entry into this space reflects our commitment to technological innovation and our vision to bridge the digital economy with real-world applications.” 



According to QMMM’s announcement, the firm anticipates its treasury will initially start at $100 million—though there is no mention of how the firm will fund the effort. An SEC filing on the firm’s website from January indicates it only had $497,993 in cash and cash equivalents at the end of its last fiscal year on September 30, 2024. It registered a net loss of $1,580,198 over the same period. 

Beyond the treasury, which the firm says will only serve as a foundation for its investment in Web3, it will also seek to invest in “high-quality cryptocurrency assets with long-term growth potential, Web3 ecosystem infrastructure projects, and global premium equity assets aligned with QMMM’s strategic vision.” 

A representative for the firm did not immediately respond to Decrypt’s request for clarification on how these additional assets may be chosen nor how it would fund its treasury. 

The Hong Kong-based firm also intends to expand its offerings to include blockchain-based and artificial intelligence-powered platforms to help investors make better decisions, manage DAO treasuries, improve metaverse experiences, and more. 

“Our cryptocurrency initiatives, combined with our expertise in AI and digital platforms, are designed to create sustainable value for our stakeholders while reinforcing our role as a forward-looking technology company,” said Kwai. 

The stock has since retraced nearly 25% in after-hours trading to $156.31. 

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Gemini AI Expects Solana to Climb Toward $400 on Firedancer Boost
GameFi Guides

Gemini AI Expects Solana to Climb Toward $400 on Firedancer Boost

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Solana ($SOL) isn’t just the world’s sixth-biggest cryptocurrency and a fantastic ROI opportunity (it’s up 2,600% in the past three years). It’s also the lifeblood of the DeFi and Web3 ecosystem.

That’s why it has been gaining a lot of attention, especially with expectations of a crypto bull run.

Solana’s Total Value Locked (TVL) now stands at $12.214B, up 14.82% in the past month. For context, during the same period, Ethereum, the largest protocol, has actually seen a decrease in TVL.

When we asked Gemini about Solana’s journey ahead, it predicted a lofty price target of $400. And no, it’s not a whimsical number – it’s a milestone $SOL could realistically hit this year itself.

Of course, a strong technical setup sits at the heart of Solana’s price prediction, but expecting an 85% gain in just three to four months also points to exciting fundamental updates and growing institutional attention.

Read on as we unpack Solana’s future potential and also delve into why the best altcoin to buy now – Snorter Token ($SNORT) – could benefit from Solana’s growth story.

Solana’s Upcoming Firedancer Upgrade

Up until now, the Solana blockchain has relied on a single client built by Solana Labs. This is a risky approach, because if that client encounters bugs or crashes, the entire network can be compromised.

It can process 1M+ transactions per second (TPS) compared to the blockchain’s current capacity of 65K TPS, ensuring even faster transaction processing.

Firedancer also introduces modern features such as a QUIC protocol for efficient networking, optimized Reed-Solomon coding, and FPGA support.

Companies Now Hold More $SOL Than Ever

Institutional accumulation of Solana is also on a steep rise.

Just yesterday, Forward Industries, Inc. announced raising $1.65B in private equity – led by Galaxy, Jump Crypto, and Multicoin – for a Solana treasury.

CEO Michael Pruitt said the company is confident about the asset’s long-term growth potential and aims to create shareholder value through an active $SOL treasury.

Meanwhile, SOL Strategies, the world’s first Solana treasury company, has filed for listing on Nasdaq to secure more liquidity, access to deeper capital markets, and increased institutional investment.

The company currently holds 435,064 $SOL valued at $93.1M.

Solana Technical Analysis

Solana’s chart looks ripe on the technical front – which is the biggest reason Gemini believes the token could charge toward $400.

As you can see in the image below, Solana has been consolidating in a rising wedge pattern since the beginning of March, consistently making higher lows in the process.

The rising trendline has been tested twice so far, each time sharply bouncing back to the $215 level.

At the time of writing, Solana is trading at $219 in a very tight range for the past few weeks. A decisive break above this resistance (it has just crept above the resistance line) could trigger a fresh upmove.

And classic technical analysis suggests we can extrapolate the wedge’s widest width and project it from the breakout point, which gives a target of around $400.

With Solana’s massive upside in mind, we asked Gemini about the best crypto to buy now in order to make the most of this upcoming boom.

Gemini’s response? Chef’s kiss! The AI was quick to point us toward Snorter Token ($SNORT), a new altcoin building the first-ever trading bot aimed at restoring parity in the Solana meme coin space.

What Is Snorter Token?

$SNORT powers the Snorter Telegram bot, built specifically for small retail investors who are often outplayed by large institutions.

Everyday meme coin traders rarely get the chance to capture those initial meme coin pumps (usually the biggest jumps), as liquidity is quickly scooped up by large players using sophisticated algorithmic trading tools.

This is where the Snorter Bot comes in.

It allows traders to place buy and sell limit and stop orders before a liquidity pump. Then, as soon as fresh liquidity is introduced into a coin, the orders are executed within fractions of a second, putting you on par with crypto whales.

Snorter Blends Robust Security with Ease of Use

Snorter’s developers have allocated the highest portion of the supply (25%) to product development, highlighting their dedication to building a rock-solid trading bot.

They’ve gone to great lengths to ensure a secure trading experience. For starters, the bot employs MEV-resistant layers to protect users from common scams such as rug pulls and honeypots.

It also includes safeguards against sophisticated sandwich attacks. In such attacks:

  • An exploiter spots your pending buy order in the mempool, places their own buy order just below your price, and pushes the price up when their order executes.
  • Your order then fills at the higher price, after which the attacker immediately sells and profits from the artificial price bump, leaving you at a loss.

The Snorter bot prevents this altogether by not sending your transactions to the mempool in the first place, ensuring you’re never exposed to such attacks.

Even better? Snorter’s class-leading security doesn’t come at the expense of usability. Placing buy/sell orders or managing your portfolio is as easy as chatting with someone on Telegram.

Another standout feature is copy trading, which lets you automatically mirror the trades of successful investors on the blockchain, helping you earn consistent profits while honing your own strategies.

Buy $SNORT Now Before It’s Too Late

At the center of all this action sits Snorter Token ($SNORT), the native cryptocurrency of the Snorter bot.

Holding $SNORT comes with plenty of benefits. Token holders can enjoy:

  • Limitless sniping with no daily limits
  • Access to advanced analytics to make more informed market decisions
  • Only a 0.85% fee on transactions compared to 1.5% for non-holders

Plus, you can even stake your $SNORT tokens to earn a dynamic return of 122% APY right now.

All in all, while the Snorter bot is available to everyone, buying the Snorter Token unlocks its full potential.

The best part? $SNORT is currently in presale, meaning you can grab it for just $0.1037.

And according to our $SNORT price prediction, the token could hit $0.94 after listing in 2025 – an impressive 800% return from current levels.

So far, the presale has already raised over $3.8M from early investors. Here’s our detailed guide on how to buy $SNORT.

Visit Snorter Token’s official website to learn everything about this revolutionary Telegram trading bot.

Disclaimer: None of the above is financial advice. Crypto investments are highly risky due to the market’s volatility. You must only invest after doing your own research. 

Authored by Krishi Chowdhary, Bitcoinist — https://bitcoinist.com/gemini-ai-expects-solana-400-firedancer-boost

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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SwissBorg Solana hack $41M API breach
NFT Gaming

SwissBorg loses $41M in Solana following API-related hack

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SwissBorg, a Swiss crypto wealth management platform, suffered a $41 million hack on Sept. 8 after attackers exploited a vulnerability in a partner’s API.

Summary

  • SwissBorg lost $41M in SOL after a September 8 hack exploiting partner Kiln’s API.
  • Only 1% of users were affected, with treasury funds covering losses.
  • The incident highlights rising risks from API vulnerabilities in DeFi.

The company confirmed the breach in an X post on the same day, assuring users that core systems and other services remained unaffected.

API flaw linked to Kiln partner

The exploit stemmed from SwissBorg’s integration with staking provider Kiln. Hackers manipulated the API connection the Solana (SOL) Earn program used, siphoning off about 192,600 SOL tokens. The tokens, valued at between $41 million and $41.5 million, were moved to a new wallet that is now flagged as the ‘SwissBorg Exploiter’ on Solscan.

The stolen funds represent almost half of SwissBorg’s total Solana reserves of $72.6 million. Despite the size of the loss, the company stressed that only around 1% of users were directly affected, with no impact on other Earn products or the SwissBorg app.

SwissBorg’s recovery plan

SwissBorg outlined its immediate actions to protect users in its public statement. The company has allocated assets from its own Solana treasury to cover the majority of user losses, with final compensation amounts still being determined. Chief executive officer Cyrus Fazel described the incident as “a bad day, but not a fatal one,” highlighting the firm’s financial stability.

To track down the stolen assets, SwissBorg is working with blockchain investigators, white-hat hackers, and security partners like Fireblocks and the Solana Foundation. Exchanges have already blocked some of the transactions connected to the exploit. To prevent similar breaches, the platform also promised to improve third-party risk oversight and strengthen security protocols.

Broader security concerns in crypto

Discussions concerning third-party integration and API dependency vulnerabilities in the crypto industry have been triggered by the incident. It adds to a string of exploits in September, including a $2.4 million attack on Nemo Protocol, a decentralized finance project on Sui (SUI). 

While SwissBorg’s transparency and commitment to reimbursing users have been praised, the hack underscores ongoing risks for staking programs and DeFi services. For updates and recovery plan announcements, the company has directed users to its official X account.





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Swissborg Crypto Platform Loses $41M Solana In Major Security Breach
Crypto Trends

SwissBorg Crypto Platform Loses $41M Solana in Major Security Breach

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SwissBorg, a Switzerland-based crypto wealth management platform, confirmed hackers stole over $40 million in Solana after exploiting a vulnerability in its staking partner Kiln’s API. The attack drained around 193,000 SOL tokens, worth $41 million at the time of writing.

The attack was on Kiln, a staking infrastructure company that supports yield products on blockchains such as Solana (SOL) and Ethereum (ETH). Hackers have broken the API of Kiln, the interface that links the app of SwissBorg to the staking network of Solana. 

Attackers could use API requests to siphon funds directly out of the Solana Earn program at SwissBorg. Importantly, SwissBorg said its app and other Earn products such as Bitcoin (BTC) and ETH staking were not affected. The company also assured users that its financial health remains strong and that only about 1% of its customer base was impacted.

SwissBorg Promises Reimbursement

CEO Cyrus Fazel called it “a bad day but not a fatal blow.” Speaking in a video posted on X, he confirmed the hack only affected Solana deposits and pledged full reimbursement for impacted users. “With the current treasury we have, we could already do that,” Fazel said.

SwissBorg added it is working with exchanges, international agencies, and white-hat hackers to track the stolen funds. Some transactions have already been blocked. Blockchain data shows the stolen tokens were moved to a wallet now labeled “SwissBorg Exploiter” on Solscan.

Despite the setback, Fazel emphasized the incident would serve as a learning experience, strengthening SwissBorg’s security going forward.

Also Read: Kinto Token Crashes 91% as Ethereum L2 Project Shuts Down After Hack





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SwissBorg hacked for $41M in Solana after Kiln API compromise
Crypto Trends

SwissBorg hacked for $41M in Solana after Kiln API compromise

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SwissBorg, a Switzerland-based crypto wealth management platform, said hackers exploited a vulnerability in the API of its staking partner Kiln, draining about 193,000 Solana tokens from its Earn program. 

The SwissBorg app and other Earn products were not impacted by the hack, the company wrote in a post on X. The stolen SOL (SOL) tokens were worth roughly $41 million at time of writing.

Source: Swissborg

The breach originated with Kiln, a staking infrastructure provider that powers yield products on blockchains such as Solana and Ethereum.

An API attack targets the software “bridge” that connects two systems. In SwissBorg’s case, its app relied on Kiln’s API to communicate with Solana’s staking network. By compromising the API, hackers were able to manipulate requests and siphon off funds.

SwissBorg said that despite the hack, the company remains in good financial health, daily operations are unaffected and the affected users will be contacted directly by email.

Related: Crypto users urged to take extreme care as NPM attack hits core JavaScript libraries 

A ‘bad day’ but not a fatal blow

SwissBorg CEO Cyrus Fazel hosted an X Space on Monday shortly after the company’s statement that it had been hacked. According to Fazel, the breach only impacted users depositing Solana tokens in its Earn program, which accounts for about 1% of its customer base and 2% of total assets.

“It’s a big amount of money, but it doesn’t put SwissBorg at risk,” the spokesperson said.

SwissBorg’s Solana Earn program lets users deposit SOL through its app to earn staking rewards, using the infrastructure provided by Kiln. The product was part of SwissBorg’s wider suite of Earn offerings on assets like BTC and ETH, designed to give retail users simple access to staking yields without managing validator nodes or DeFi protocols directly.

The company pledged to reimburse affected users, noting that “with the current treasury we have, we could already do that,” while stressing it is also working with international agencies, exchanges and white-hat hackers to assist with the investigation, and that some transactions have already been blocked.

Calling it “a bad day for SwissBorg,” Fazel said the incident would ultimately serve as a learning experience for the company.

Source: Solscan

Blockchain data shows the stolen funds were routed to a Solana wallet now labeled on Solscan as the “SwissBorg Exploiter,” advising users to exercise caution when interacting with it.

Cointelegraph reached out to Swissborg and Kiln for comment, but did not receive an immediate response.



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